Residential mortgage debt grew last year by the fastest pace since 2008 says a new report from Canada Mortgage and Housing Corp.
The federal housing agency says that mortgage debt grew by nine per cent for the year, and topped 10 per cent in the early months of this year before rising interest rates started to slow the market.
"The levels of investments of households are quite high. So it is a source of vulnerability," said Tania Bourassa-Ochoa, a senior economist at CMHC and co-author of the report on mortgage trends.
Banks saw a 43 per cent increase in new mortgage originations and an increase of 22 per cent for refinances compared with 2020, leading to an additional $400 billion in residential mortgages on their balance sheets, while credit unions added $54 billion.
Activity in the housing market has however slowed considerably in recent months as central banks raise interest rates to slow inflation. On Wednesday the Toronto Regional Real Estate Board said sales were down 41 per cent in June compared with last year, while on Tuesday Real Estate Board of Greater Vancouver said regional home sales were down 35 per cent in the month.
CMHC says that variable rate mortgages were increasingly favoured last year as the discount on interest rates increased, with the mortgage type growing to 53 per cent in the second half of the year, from 34 per cent of total mortgages in the first half.
The increase of variable rate mortgages means more people are exposed to rising interest rates, though the majority of such mortgages have fixed payments so increases would most be felt at renewal.
"Canadians that took on a new mortgage with variable interest rates will be the ones that will be feeling that increase the most, and most rapidly," said Bourassa-Ochoa.
Data from last year showed that there was little indication of any problems with people making mortgage payments, as high savings rates and the buoyant housing marker helped push down mortgages in arrears, which fell across all lender types.
In looking at inequality in the housing market, the report noted that Indigenous, Black, Arab and Latin American populations had significantly lower homeownership rates than the national average as of the 2016 census, the latest data available as the authors wrote the report.
Homeownership rates were a little under 50 per cent for the groups, while the overall rate for Canada was 74 per cent and slightly higher for white and Chinese populations.
The report noted that after controlling for demographics, metropolitan area and income, Indigenous, Black, Latin American, Arab and Filipino Canadians have lower average property values than other Canadians, a gap that has increased since the 2006 census. It said that since housing wealth is a strong indicator of economic success of future generations, any large deviations between population groups are an indication that inequalities will persist.
This report by The Canadian Press was first published July 6, 2022.
While America's southern border remains a hot button issue on the campaign trail, the result of the U.S. election in November could also impact the northern frontier with Canada, which remains the longest undefended border in the world.
New data raises questions about the drinks people consume and the potential risks associated with them, according to researchers at Galway University in Ireland, in partnership with Hamilton鈥檚 McMaster University.
Canadian musician Jacob Hoggard has been found not guilty of sexually assaulting a young woman in northeastern Ontario eight years ago. The former Hedley frontman had pleaded not guilty to sexual assault.
Canadians who are eligible for a GST/HST tax credit can expect their final payment of the year on Friday.
Dubai's Emirates airline has banned pagers and walkie-talkies from its planes, following last month's attacks on such devices carried by the Lebanese militant group Hezbollah.
It鈥檚 1998. Google was just born, and dial-up was the primary way to connect to the Internet. New sites were being developed daily on any number of topics, from recipes to shopping. David Yanciw, however, was thinking big - big things, that is.
Police have arrested a Toronto woman in connection with three recent homicides and investigators say that they believe two of the victims may have been 'randomly targeted.'
TikToks of customers stuffing their faces with a US$20 endless shrimp. More than 100 restaurant closures and thousands of layoffs. A revolving door of CEOs. Chapter 11 bankruptcy.
The two people who died in a major fire in Old Montreal on Friday were a mother and her seven-year-old daughter, sources told Noovo Info.
The two people who died in a major fire in Old Montreal on Friday were a mother and her seven-year-old daughter, sources told Noovo Info.
Fedaa Nassar says any time she has heard the phone ring in the last year, she becomes overwhelmed with anxiety.
New data shows the automated speed enforcement camera on King Edward Avenue, between Bolton Street and St. Patrick Street, issued 6,337 speeding tickets in August, the highest number of tickets issued by Ottawa's 40 photo radar cameras.
It鈥檚 1998. Google was just born, and dial-up was the primary way to connect to the Internet. New sites were being developed daily on any number of topics, from recipes to shopping. David Yanciw, however, was thinking big - big things, that is.
After a decade of volunteering for one of North America鈥檚 most punishing ultra marathons, an Ontario man decided to challenge himself by stepping up from the sidelines to become a participant.
The owner of a Gatineau, Que. caf茅 says it's 'silly' that Quebec's language watchdog is telling the business to write its Instagram posts in French.
Former U.S. president Donald Trump plans to return Saturday to the site where a gunman tried to assassinate him in July, setting aside what are now near-constant worries for his physical safety in order to fulfill a promise 鈥 'really an obligation,' he said recently 鈥 to the people of Butler, Pa.
Being an armchair detective has turned into an American obsession, fueled by an abundance of true-crime content in podcasts and television series. But some of those projects have sparked actual legal developments.
A French judge in the trial of dozens of men accused of raping an unconscious woman whose now former husband had repeatedly drugged her so that he and others could assault her decided on Friday to allow the public to see some of the video recordings of the alleged rapes.
A rural Colorado county courthouse beefed up security Friday after threats were made against staff and a judge who sentenced former county clerk Tina Peters to nearly nine years behind bars for her role in a data breach scheme catalyzed by the lie that the 2020 election was stolen from former President Donald Trump.
A judge ripped into a Colorado county clerk for her crimes and lies before sentencing her Thursday to nine years behind bars for a data-breach scheme spawned from the rampant false claims about voting machine fraud in the 2020 presidential race.
The U.S. and British militaries struck more than a dozen Houthi targets in Yemen on Friday, going after weapons systems, bases and other equipment belonging to the Iranian-backed rebels, U.S. officials confirmed.
Prime Minister Justin Trudeau pleaded for peace in the Middle East Saturday, as he decried a civilian death toll he blamed on Hamas, Hezbollah and Israel.
While America's southern border remains a hot button issue on the campaign trail, the result of the U.S. election in November could also impact the northern frontier with Canada, which remains the longest undefended border in the world.
NDP House leader Peter Julian says there's more his party wants to do in Parliament before the next election, but if the current dysfunction continues it will become a factor in how they vote on a confidence measure.
Bruzzese came down with COVID-19 in February 2023, and received her injection at the end of March. 鈥淏eing able to recognize smells is something we take for granted, until you can鈥檛.鈥
New data raises questions about the drinks people consume and the potential risks associated with them, according to researchers at Galway University in Ireland, in partnership with Hamilton鈥檚 McMaster University.
Convenience store firms that operate thousands of outlets across Canada are taking the federal government to court to overturn regulations that restrict the sale of nicotine pouches to pharmacies.
Scientists announced on Thursday a milestone in neurobiological research with the mapping of the entire brain of an adult fruit fly, a feat that may provide insight into brains across the animal kingdom, including people.
For humans, flashing a smile is an easy way to avoid misunderstanding. And, according to a new study, bottlenose dolphins may use a similar tactic while playing with each other.
Alphabet's Google is testing showing check marks next to certain companies on its search results, a company spokesperson said on Friday, in a move aimed at helping users identify verified sources and steer clear of fake websites.
You might be thinking, 'Shut up!' but it鈥檚 officially true: the 'Princess Diaries' franchise is finally growing.
Legendary singer Paul Simon has said he is 'optimistic' about being able to return to performing live after losing most of his hearing in his left ear.
The jury tasked with determining if Canadian musician Jacob Hoggard sexually assaulted a young woman in northeastern Ontario eight years ago began deliberating Friday after nearly two weeks of testimony that saw the singer and his accuser give starkly different accounts of what happened.
Dubai's Emirates airline has banned pagers and walkie-talkies from its planes, following last month's attacks on such devices carried by the Lebanese militant group Hezbollah.
TikToks of customers stuffing their faces with a US$20 endless shrimp. More than 100 restaurant closures and thousands of layoffs. A revolving door of CEOs. Chapter 11 bankruptcy.
Brazil's Supreme Court said on Friday that lawyers representing social media platform X did not pay pending fines to the right bank, postponing its decision on whether to allow the tech firm to resume services in Brazil.
A five-seat sushi counter located inside another restaurant is the latest Vancouver eatery to receive a Michelin star.
Toilet paper shortages in stores across America are giving folks nightmarish reminders of the pandemic era. But the lack of toilet paper isn鈥檛 a direct result of a major port strike Tuesday. It鈥檚 because of panic buying.
What does New Westminster's t蓹m蓹sew虛tx史 Aquatic and Community Centre have in common with a historic 68,000-seat stadium in Beijing, an NFL stadium and the aquatics venue for the Paris Olympics? They've all been named among the world's most beautiful sports venues for 2024.
The loss that extinguished the Calgary Stampeders playoff dreams Friday provided some deja vu for head coach Dave Dickenson.
According to the Canadian Women & Sport's 2022 Rally Report, 76 per cent of girls who participate in sports believe it helps build confidence and enhances their mental health. While those benefits are important for all children, the organization's CEO says, right now, girls have less access.
Paul Pogba has had his four-year ban for doping reduced to 18 months after appealing to the Court of Arbitration for Sport.
Tesla is recalling more than 27,000 Cybertrucks because the rearview camera image may not activate immediately after shifting into reverse, the fifth recall for the vehicle since it went on sale late last year.
A Pickering, Ont., student going to college to be a mechanic is shocked the engine in his two-year-old car will not be repaired under warranty after the dealership claimed he had been 'over-revving' the engine.
A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.
Chantal Kreviazuk is set to return to Winnipeg to mark a major milestone in her illustrious musical career.
From the beaches of Cannes to the bustling streets of New York City, a new film by a trio of Manitoba directors has toured the international film festival circuit to much pomp and circumstance.
A husband and wife have been on the road trip of a lifetime and have decided to stop in Saskatchewan for the winter.
The grave of a previously unknown Canadian soldier has been identified as a man from Hayfield, Man. who fought in the First World War.
A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.
Moving into the second week of October, the eastern half of Canada can expect some brisker fall air to break down from the north
What does New Westminster's t蓹m蓹sew虛tx史 Aquatic and Community Centre have in common with a historic 68,000-seat stadium in Beijing, an NFL stadium and the aquatics venue for the Paris Olympics? They've all been named among the world's most beautiful sports venues for 2024.
The last living member of the legendary Vancouver Asahi baseball team, Kaye Kaminishi, died on Saturday, Sept. 28, surrounded by family. He was 102 years old.
New data from Greater Vancouver and the Fraser Valley shows a surge in supply and drop in demand in the region's historically hot real estate market.
Chayton Point loved to dance. Just ask his mom.
As the provincial election campaign reaches the halfway mark, the party leaders made pitches to voters on bread-and-butter issues: housing, child care and jobs.
Vancouver police have deployed extra resources in anticipation of multiple protests planned for Oct. 7.
Two pedestrians have been taken to hospital with unknown injuries after an early-morning collision in Vaughan.
A Toronto city councillor is calling for a public inquiry into the construction of the delayed and over-budget Eglinton Crosstown LRT.
While America's southern border remains a hot button issue on the campaign trail, the result of the U.S. election in November could also impact the northern frontier with Canada, which remains the longest undefended border in the world.
A pedestrian is in critical condition after being struck by a vehicle in southeast Calgary on Friday night.
The loss that extinguished the Calgary Stampeders playoff dreams Friday provided some deja vu for head coach Dave Dickenson.
The Winnipeg Jets prevailed 3-2 over the Calgary Flames in Friday's final dress rehearsal for the NHL regular season for both clubs.
New data shows the automated speed enforcement camera on King Edward Avenue, between Bolton Street and St. Patrick Street, issued 6,337 speeding tickets in August, the highest number of tickets issued by Ottawa's 40 photo radar cameras.
Gas prices in Ottawa are set to rise this weekend after a slight uptick overnight.
Environment Canada has issued a frost advisory as temperatures across Ottawa and eastern Ontario are expected to dip near the freezing mark this evening.
The two people who died in a major fire in Old Montreal on Friday were a mother and her seven-year-old daughter, sources told Noovo Info.
Montreal police say they are increasing their presence across the city ahead of the one-year anniversary of the Oct. 7 start of the Israel-Hamas war.
The owner of a Gatineau, Que. caf茅 says it's 'silly' that Quebec's language watchdog is telling the business to write its Instagram posts in French.
Forward Arshdeep Bains hopes his final audition was good enough to earn him a spot in the Vancouver Canucks cast when the curtain opens on the NHL regular season.
A 79-year-old woman is dead after the vehicle she was driving crashed into an east Edmonton building late Friday afternoon.
Detroit Red Wings goaltender Jack Campbell has entered the NHL/NHLPA player assistance program.
A riding in southwest New Brunswick that for decades was a Progressive Conservative stronghold is shaping up to be a bellwether that could offer a window into the future of the Tory party, and maybe of the province.
A teen charged with the murder of another teen on Prince Edward Island last year has pleaded guilty to a lesser charge of manslaughter.
The federal Fisheries Department says it is concerned about a "pattern" of violence and threats toward its enforcement officers after two tense incidents off southwestern Nova Scotia last month.
It鈥檚 1998. Google was just born, and dial-up was the primary way to connect to the Internet. New sites were being developed daily on any number of topics, from recipes to shopping. David Yanciw, however, was thinking big - big things, that is.
Brady Oliveira and the Winnipeg Blue Bombers continue to roll along. Oliveira ran for a season-high 147 yards and a touchdown to power Winnipeg past the Hamilton Tiger-Cats 31-10 on Friday night.
A new report from Doctors Manitoba is calling for major changes to the way sick notes are issued in Manitoba, saying they are a waste of time for doctors and employers.
A Saskatchewan man living in the United States has pleaded guilty to possessing child pornography after he unknowingly provided disturbing videos to an FBI agent he thought was a pedophile.
A group of climate activists is challenging SaskPower's move towards natural gas, arguing it violates their Charter rights.
Regina kids facing mobility issues were gifted toy cars through the Go Baby Go program.
Police have laid charges after a car crashed into the side of a Kitchener home early Friday morning.
The K-W Symphony may have played their last concert but the musicians who made up the ensemble aren鈥檛 ready for their curtain call.
Melissa Duff-Shore, a Cambridge, Ont. woman who killed her daughter in 2020, has been ordered to a forensic hospital in St. Thomas.
The Saskatchewan Teachers' Federation hosted a virtual election forum on education Thursday evening, giving candidates in the provincial election a chance to share their thoughts and answer questions on issues teachers find most important.
A Saskatchewan man living in the United States has pleaded guilty to possessing child pornography after he unknowingly provided disturbing videos to an FBI agent he thought was a pedophile.
Saskatoon police arrested a homeless person at the scene of an encampment underneath the University Bridge on Friday morning.
Canadian musician Jacob Hoggard has been found not guilty of sexually assaulting a young woman in northeastern Ontario eight years ago. The former Hedley frontman had pleaded not guilty to sexual assault.
Two police officers in Greater Sudbury required medical attention for injuries they received arresting a man for the second time in just two days.
Police have arrested a Toronto woman in connection with three recent homicides and investigators say that they believe two of the victims may have been 'randomly targeted.'
As of 3:00 a.m. on Saturday, The West Region OPP Tactics and Rescue Unit (TRU), Emergency Response Team (TEAM) and OPP K9 Unit were operating in the area but have since cleared.
Canadians who are eligible for a GST/HST tax credit can expect their final payment of the year on Friday.
According to the CBRE鈥檚 latest commercial vacancy rate report, London saw a vacancy rate of 31.4 per cent, the highest downtown commercial vacancy rate in Canada.
A woman whose son died last month while at a Penetanguishene, Ont. beach with another family member wants to see safety increased at the beach.
The Ministry of Labour is investigating a workplace incident that claimed the lives of two people in Georgian Bluffs, south of Owen Sound.
Provincial police are investigating a collision along Highway 400 in Tay Township Friday afternoon.
According to police, the suspect entered and vandalized the property in the 700 block of Grand Marais Road Easton on September 28.
While America's southern border remains a hot button issue on the campaign trail, the result of the U.S. election in November could also impact the northern frontier with Canada, which remains the longest undefended border in the world.
A motor vehicle collision at Wyandotte Street East and George Avenue has Windsor police on the scene this morning.
We haven't heard the candidates talk much about education during B.C.'s 2024 election campaign, but the teachers' union is trying to put the spotlight on that issue.
The body of a British Columbia mountain climber has been located and recovered after the 39-year-old man was reported missing during a solo climb on Washington state's Mount Baker earlier this week.
Many British Columbians were shaken awake early Friday morning when an earthquake struck in the Strait of Georgia, about 18 kilometres southwest of Tsawwassen.
Three young suspects have been arrested in connection with a swarming attack on a teenager in B.C.'s Okanagan last week 鈥 and authorities have asked the public to stop circulating disturbing videos of the incident.
A father in Kelowna is furious after his 13-year-old daughter was brutally beaten on Gyro Beach. He is calling for criminal charges in the devastating attack, which was caught on video by multiple bystanders.
The officer who shot and killed a forcible confinement suspect in Kamloops two years ago was justified in doing so, according to the Independent Investigations Office of B.C.
A person was airlifted to hospital following a serious crash in Taber, Alta., on Friday morning. Taber RCMP responded to the scene on Highway 864 around 10:30 a.m., for a crash involving an SUV and a semi-truck.
To enhance inclusivity at Lethbridge Polytechnic, the institution has launched a new accessibility micro-credential.
WestJet has changed its operations at the Lethbridge Airport, and it means there's now only a single daily flight from Lethbridge to Calgary, down from three flights a day, as offered previously.
Two teens, ages 14 and 19, have been charged with arson in connection with a July 14 fire in Cat Lake First Nation that destroyed $500,000 in construction materials.
A northeastern Ontario jury has started deliberating in Canadian musician Jacob Hoggard's sexual assault trial, we can now tell you what they weren't allowed to hear.
A suspect who accused Thunder Bay police of being responsible for his throat injury actually hurt himself when he swallowed a large amount of drugs.
He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
A mother in a community where the cost of living is one of the highest in the country says grocery prices are 'inhumane' and retailers are putting profits ahead of people鈥檚 basic human right to food.
A soccer game in England on Tuesday night drove a spike in online traffic across the Atlantic to a website launched by the Newfoundland and Labrador government.
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